This report discusses some significant factors that are necessary to make an effective business plan. At the same time, it presents SWOT and competitors analysis wherein an organization internally analysis the situation of the company to successfully develop the new product in the marketplace. Additionally, it also presents the mission, marketing and financial objectives of the company. It also shows the marketing mix strategy that is emphasized on the digital marketing communication plan. Furthermore, actions plan for accomplishing the marketing and financial objectives are also discussed in this report. This report also presents the implementation of marketing plan for Luxatic (Armstrong, et al., 2014).
The luxatic brand is developed in 2010, which is liked by a large number of customers. It provides some significant products and services such as jets and yachts, cars and bikes, food and drinks, leisure, fashion and lifestyle, homes, and watches for their potential customers. In addition, Jets and Yachts are chosen by the company to launch this products and services in Australia. It involves luxurious cruise lines along with ships that will provide a fresh or new opportunity to launch its product and series within the Australian market. At the same time, yachts and cruise offer the premium products and services together with adventuring activities, which will be supportive to influence a huge amount of tourists. At the same time, ships and jets are known to its internal and external designs (Armstrong, et al., 2015).
• Influencing interior of product and services.
• Many advantageous activities for potential customers.
• It offers a beneficial traveling experience to their customers.
• Higher Cost
• Could not be reasonable by every Australian customer.
• Increase in the number of Australian tourism.
• Significantly accepted by Australian tourists.
• Yachts are previously operated in Australia.
• Lack of approval by the customers of Australia due to higher cost.
The main strength available with Jets and Yachts is its influencing interior design, which can support to attract a large number of customers in long-term. Along with this, it also performs many advantageous activities to its customers together with beneficial traveling experience to their customers. Therefore, it can be said that such components can support to make a positive image in customer mind, which will enhance the market share and profitability of the product and services of the company in long-term (Baker, 2014).
The major strength exists with Jets and Yachts is its higher cost, which is not reasonable for every customer. Therefore, it can be said that higher cost can reduce the demand of product and services of the company. It cannot be beneficial to obtain a positive outcome in long-term.
The organization has a great opportunity to enhance its market together with increasing the number of customers by launching its market in Australia.
The major threat of Yachts is that it operates already within Australian marketplace. The high cost of product can negative impact on the demand in the market. Hence, it can be said that the higher cost can decline the sale of product and services, which can increase the probability of failure of Luxatic product in Australia market (Baker, et al., 2016).
Competitor analysis is significant to know the situation of competitors in the marketplace. An organization can use Porters five force model to analyze the actual situation of competition level to successfully perform the new product and service of the company. At the same time, PESTLE is used to evaluate the situation of the country before launch the product and services in Australia.
Porter’s Five Force Model
The porters five force model can be useful to identify the competitors of Australia market in an appropriate manner. It includes bargaining power of buyers, bargaining power of suppliers, Threat of new entrants, new substituted, Rivalry among existing competitors (Christopher, eta l., 2013). It is discussed below:
Bargaining power of buyers
A company can face higher bargaining power in Australia due to the availability of same products and services. It can increase the probability of switching cost of buyers in long term. The situation of higher buyer power shows the price sensitivity means the organization can attract the customers by offering low-cost product and services (Hollensen, 2015).
Bargaining power of Suppliers
The bargaining power of suppliers is low due to availability of many substitutes in the marketplace. Hence, supplier has needed to focus on the customers by making a positive image and relationship of the product and services of the company.
Threat of New Entrants
The Marine industry is very costly therefore entrepreneur has not started such kinds of business. At the same time, it shows the low threat of new entrants due to higher beginning cost.
Threat of substitutes
There is quite a threat of substitute’s product, which can be effective for the organization to successfully perform in Australia market (Karjaluoto, et al., 2015).
Rivalry among existing competitors
There is higher rivalry among existing competitors, therefore, it can be said that an organization has faced issue to compete the existing competitors and make a positive image in the marketplace.
The following table demonstrates the PESTLE analyses:
· The Australian government is Stable, which can be effective to start the business in Australia.
· Support of Government to start anew venture.
• Economic stability facilitates the development of new business.
• Acceptance by the people of Australia as well as the tourists.
• Technological development of Australia facilitates the business of Luxatic.
• The legislation of Australia facilitates the development of new business opportunities.
· The environment-friendly technology used by Luxatic (Khan, 2014).
The mission of Luxatic is to launch Jets and Yachts in Australia and attract a large number of customers for using the services of the company in long term.
- To analyze the market trends of Australia
- To identify the business opportunities of Yachts in Australian tourism
- To identify the situation of competitors in Australia
- To increase the revenue of company in 6 months by 25%
- To decline the expenditure of company in 6 months by 30%
- To increase the demand of customers in 6 months by 35%
Marketing mix strategy
The marketing mix strategy can be significant to the organization to pool a large number of customers in long-term. It includes product, price, place, and promotion (Kotler, et al., 2016). It will be discussed below:
Luxatic will launch its new product and services for the people of Australia. It offers unique quality Yachts to attract new customers in long-term. Additionally, an organization has included some significant components such asrange, superiority, policy, structures, brand name, packing, and services in the product strategy. It can be effective to present a new product in an effective manner. Therefore, it can be said that these components can be essential to make a favourable image in the customer mind (Lusch, et al., 2014).
Price is a significant factor that directly affects the growth of business in long-term. Luxatic offers unique quality product and services to their potential customers, therefore, it charges higher. In addition, it can also be said that company has focused on the higher class, which mainly prefer to have the quality product rather than quantity. Furthermore, it can be said that higher cost can be easily afforded by the upper class in case company offered unique quality products.
Place strategy is essential to enhance the number of customers as well as enhancement in the sale and profitability in long-term. Luxatic can use the Business to Customer (B2C) way to provide the product and services in Australia. Additionally, it can be said that Business to Customer is a significant way due to direct deal with customers. At the same time, direct communication or deal with customers can provide an opportunity to improve the profitability of the company in long-term (Meffert, 2013).
Promotion strategy can be vital for the organization because it will be supportive to improve the profitability and financial performance of the company in long-term. As per the existing situation, social media can be more effective promotion tool as compared to other tools. It will be supportive to directly communicate with customers in an appropriate manner. There is some significant way by which an organization can directly influence a large number of customers such as LinkedIn, Facebook, Twitter, Snap-chat, Instagram, and emails. It can also be significant to make a positive relationship with customers in long-term and a favorable relationship can enhance the demand for product and services of the company. Moreover, the company can easily attract the customers by offering the discount on product and services (Percy, 2014).
Digital marketing communication Plan
The digital marketing communication tool is used to directly communicate with consumers to make a long –term relationship. Moreover, different tools will be used in digital marketing communication named Facebook, LinkedIn, Twitter, Instagram, Snapchat, email, and company’s websites. As a result, it would be beneficial to create awareness about Jets and Yachts in market appropriately (Sheth, et al., 2015).
Present action programs
Luxatic can use the following steps to accomplish the financial and marketing objectives:
Luxatic can estimate $8, 00,000 to promote the product and educate the dealer of the company due to spreading the awareness regarding the goods and services. At the same time, an organization has also determined the market of Australia before establishing the product and service in an effective manner.
Luxatic will start to interact with customers by using digital communication way in a significant manner. These digital communication ways are Social media, Facebook, LinkedIn, Twitter, Snap-chat, Instagram, and emails. At the same time, these ways can support to accomplish the objectives successfully (Royle, et al., 2014).
In this step, Luxatic can collect the opinion and view of customers regarding the experience of product and services. It will be significant to overcome the issues of products and services along with enhancing the performance of goods and services in long-term.
In this step, Luxatic can make a decision in case they receive a negative feedback from the customers. An organization can make an effective strategy to overcome the negative feedback and improve the performance of product and services in long-term (Sheth, et al., 2015).
Controls is a major element of the marketing plan because Luxatic can evaluate the product by comparing the actual with estimated outcome in case they addressed any issues then it will be corrected. At the same time, it can be said that there are three factors that are considered in this process such as evaluating, comparing,In this step, Luxatic can check the marketing situation through evaluating the types of task that will be performed like a survey.
Luxatic can conduct a market survey to know the actual situation of the market by identifying the actual needs and customers of products. Along with this, it can be said that an organization can also identify those products which are not like by the customers because it can help to simply satisfy the customers (Tiago, et al., 2014).
In this step, Luxatic can compare the estimated outcome with the actual outcome for identifying the gap between actual and standard significantly.
In this step, Luxatic can eliminate the gap between standard and actual outcome by using the controlling process. At the same time, if the organization has found any major mistake then they can make an effective strategy to eliminate the found issue effectively (Watson, et al., 2013).
From the above analysis, it can be concluded that Luxatic is a famous organization, which offers a premium product to their potential customers by using digital communication way. At the same time, It can also be illustrated that company can use the PESTLE for identifying the situation of country before start any new venture at the new place. Additionally, it can also be summarized that the Porters five force model can help to evaluate the situation of competitors to successfully start the business. Finally, it can be concluded that the marketing mix strategy can be effective to attract more customers in long-term.
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